Parent's Balance Affecting My Score?

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notsosure
 
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Parent's Balance Affecting My Score?

Postby notsosure » Fri Aug 02, 2013 11:29 am

My parents have an AmEx Gold Card that has an outstanding balance of $30k. I have an "emergency card" in my name for this account. I rarely use it, but have had it since college and never saw the need to close it. I don't believe there is a limit and my parents pay their bills and are in good standing with AmEx.

My question is how does this affect my score? My other card is a Discover card with a $3,000 limit and roughly $2,000 balance and on time payments. I know, I should get that balance down, but is the AmEx hurting me? Credit Karma lists the $30k balance and says that "limit is not reported" (probably because there isn't a limit?).

Credit Karma has grades of A or B for everything except for utilization which is a D. And an overall score of 610.

Any help would be greatly appreciated!


MemberSince99
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Postby MemberSince99 » Sat Aug 03, 2013 7:39 am

First of all ignore the CK grades they are worthless.

Having said that, I believe in the latest FICO models charge cards are not taken into consideration for determining utilization (so I've read on the FICO forum).

I don't know as my Gold has never had a balance like that (and never will)

But your Discover balance IS for certain hurting your score. You need to pay that down then get copies of your real FICO scores which can be VERY different from what you see on CK.

If you find their balance is hurting your score ask them to remove you an AU if they can't pay down their balance (and I'm surprised Amex would let them carry a huge balance on a charge card like that for a long time - they tend to frown on that even though they do offer the option to some people).

takeshi
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Postby takeshi » Sat Aug 03, 2013 9:01 am

notsosure wrote:Credit Karma has grades of A or B for everything except for utilization which is a D. And an overall score of 610.

The grades are just there to give users a quick reference. What's the utilization it indicates and how does it compare to what you calculate?



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